Chap. 438.—An ACT to incorporate the Virginia and West Virginia railroad
company.

In force February 21, 1898.

1. Be it enacted by the general assembly of Virginia, That John E.
Beard, George 8S. Gochenour, Joseph Hopkinson, James Baird, and
{omer S. Carr, their associates, successor, and assignees be, and they
are hereby, constituted and declared a body politic and incorporate,
under the name of the Virginia and West Virginia railroad company,

and as such are authorized and empowered to locate, construct, equip
and nnaratea a atandard ar narrow.-canga railrnaad anmmanning at ar near
Broadway, in Rockingham county, and thence up the Shenandoah river,
‘hrough Brock’s gap, and with the tributaries of said stream, by the
most feasible route to some point in the line of Hardy county on the
West Virginia line.

2. The capital stock of said company shall not exceed three hundred
thousand dollars, divided into shares of one hundred dollars each. And
the said board of directors may dispose of the same at such prices and
upon such terms as they may determine. Each share shall be entitled
-o one vote at all meetings of the stockholders, and the directors may
receive real or. personal property in payment of subscriptions to the
capital stock, at such valuations as may be agreed upon between the
directors and the subscribers. The incorporators above-named, or a
majority of them, may receive subscriptions to the capital stock in such
manner as they may deem best; and no advertisement of the time and
place at which the books will be opened for subscriptions shall be neces-
sary, and the terms of payment therefor shall be such as the board of
directors shall prescribe.

3. The incorporators named in this act shall constitute the board of
directors for the first year, and shall continue in office until their suc-
cessors are elected and qualified. They shall have power and authority
of a president and board of directors for the purpose of organization, and
for all other purposes incident thereto. They shall elect one of their
number president of the board. and may appoint such officers as thev
deem proper. They shall fill any vacancy that may occur in the board
or in the office of president, and may receive subscriptions to the capital
stock of the company. Whenever ten thousand dollars of the capital
stock has been subscribed, the board of directors shall proceed to organ-
ize the company by the election of a president, secretary, treasurer, and
such other officers and agents as may be required.

The said company shall then be considered legally organized and shall
have all the general powers conferred upon corporations and chartered
companies by the laws of this state and shall be subject to all the
provisions thereof, except in so far as the same are modified or incon-
sistent with this act. |

4. The said company shall have the power to issue and sell bonds at
such times and on such terms as the directors may deem expedient, or
to borrow money in such sums as they may deem necessary to carry on
its work, and in order to secure the payment of its bonds, or the re-
payment of the money so horrowed, may create mortgages or deeds of
trust on its chartered rights, franchises, and property. And the said
company may receive as subscriptions to its capital stock any real or
personal property that may be agreed upon between the said company
and the subscribers, and may exchange its bonds for such property; and
such property may be chartered rights and franchises, and it may hold,
sell, or convey in such manner as to the company may seem best, any
real estate so acquired.

5. That any mining, manufacturing, or other corporation may sub-
scribe to, guarantee, or hold the stock or bonds of said company, and said
company shall have the right to subscribe to, guarantee, or hold the stock
or bonds of any mining, manufacturing, or other corporation, and shall
have power and authority to conduct, operate, and own such mines,
mining, or manufacturing operations, either by steam or any othe
power, as they may deem best for the interests of said corporation, wit!
power to prepare for market, sell, and dispose of products of the same

6. It shall be lawful for any town, corporation, or individual to sub
scribe to the capital stock of said railroad or any branch thereof in the
manner prescribed by law.

7. Subject to the general railroad laws of this state, it shall be lawfu
for said company to cross at grade, over or under any other railroad now
constructed, or which shall hereafter be constructed within this state.

8. It may unite its roads with any other road in this state, or that may
hereafter be built; may enter the grounds of such railroad with the
necessary sidings, switches, turnouts, conveniences, and facilities as wil
aid in the furtherance of the construction of said railroad, or facilitate
the exchange or handling of passengers and freight between the said rail.
road and other railways in this state, but in all cases in which the saic
railroad company shall subject the real estate of any other company t
its use, or acquire any of the same, it shall be in the mode prescribed
by law, and it shall be lawful for the said company to consolidate wit!
any other railroad company heretofore incorporated or hereafter to be
incorporated in or out of the state of Virginia, whose line of road con-
nect or will connect with the railroad hereby authorized to be con-
structed.

9. The board of directors of this company are authorized at any time
when a majority of the directors are present, if they deem it advisable.
to change the name of this company.

10. All the taxes which may be assessed against said company shall be
paid in lawful money of the United States and not in coupons.

11. The construction of said road shall be begun in two years from
the first day of April, eighteen hundred and ninety-cight, and com-
pleted in five years thereafter.

12. The principal office of said company shall be in the state of Vir-
yuna.

13. This act shall at all times be subject to amendment, alteration,
and repeal by the general assembly of Virginia.

14. This act shall be in force from its passage.